| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Metair Investments Ltd. | 0 | 1,701,877 | 8.27 | 1.72 | 1,701,877 | 7.66 | 1.52 |
| Automobiles and Parts Total | 0 | 1,701,877 | 8.27 | 1.72 | 1,701,877 | 7.66 | 1.52 |
| Cash on call | 0 | 0 | 3.08 | 0.64 | 0 | 3.54 | 0.71 |
| Cash on call Total | 0 | 0 | 3.08 | 0.64 | 0 | 3.54 | 0.71 |
| EPE Capital Partners Ltd. | -517,363 | 729,295 | 4.99 | 1.04 | 1,246,658 | 8.73 | 1.74 |
| Closed End Investments Total | -517,363 | 729,295 | 4.99 | 1.04 | 1,246,658 | 8.73 | 1.74 |
| Raubex Group Ltd. | 0 | 570,791 | 27.54 | 5.73 | 570,791 | 25.43 | 5.06 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 73,774 | 11.39 | 2.37 | 73,774 | 12.33 | 2.45 |
| Construction and Materials Total | 0 | 644,565 | 38.93 | 8.10 | 644,565 | 37.76 | 7.52 |
| Advtech Ltd. | 0 | 1,035,256 | 43.26 | 9.00 | 1,035,256 | 38.54 | 7.67 |
| Consumer Services Total | 0 | 1,035,256 | 43.26 | 9.00 | 1,035,256 | 38.54 | 7.67 |
| Optasia Ltd. | -263,158 | 0 | 0.00 | 0.00 | 263,158 | 5.39 | 1.07 |
| Finance and Credit Services Total | -263,158 | 0 | 0.00 | 0.00 | 263,158 | 5.39 | 1.07 |
| Oceana Group Ltd. | 0 | 248,413 | 12.92 | 2.69 | 248,413 | 13.85 | 2.76 |
| Food Producers Total | 0 | 248,413 | 12.92 | 2.69 | 248,413 | 13.85 | 2.76 |
| Financials positions individually less than 1% of fund | 0 | 0 | 0.00 | 0.00 | 0 | 2.65 | 0.53 |
| General Financial Total | 0 | 0 | 0.00 | 0.00 | 0 | 2.65 | 0.53 |
| Industrials positions individually less than 1% of fund | 0 | 0 | 11.39 | 2.37 | 0 | 9.29 | 1.85 |
| KAP Ltd. | 0 | 5,953,597 | 12.03 | 2.50 | 5,953,597 | 11.43 | 2.28 |
| Mondi plc | 0 | 86,726 | 16.70 | 3.47 | 86,726 | 17.66 | 3.52 |
| General Industrials Total | 0 | 6,040,323 | 40.12 | 8.34 | 6,040,323 | 38.38 | 7.64 |
| Afrimat Ltd. | 31,325 | 252,442 | 9.28 | 1.93 | 221,117 | 9.10 | 1.81 |
| Industrial Metals and Mining Total | 31,325 | 252,442 | 9.28 | 1.93 | 221,117 | 9.10 | 1.81 |
| Hudaco Industries Ltd. | 0 | 124,459 | 23.61 | 4.91 | 124,459 | 25.51 | 5.08 |
| Invicta Holdings Ltd. | -225,721 | 0 | 0.00 | 0.00 | 225,721 | 8.35 | 1.66 |
| Industrial Support Services Total | -225,721 | 124,459 | 23.61 | 4.91 | 350,180 | 33.87 | 6.74 |
| Grindrod Ltd. | -82,761 | 710,872 | 13.33 | 2.77 | 793,633 | 13.49 | 2.69 |
| Industrial Transportation Total | -82,761 | 710,872 | 13.33 | 2.77 | 793,633 | 13.49 | 2.69 |
| Brait plc | -1,300,506 | 9,248,808 | 19.70 | 4.10 | 10,549,314 | 23.52 | 4.68 |
| Hosken Consolidated Investments Ltd. | -54,000 | 0 | 0.00 | 0.00 | 54,000 | 8.42 | 1.68 |
| PSG Financial Services Ltd. | -37,620 | 576,797 | 15.27 | 3.18 | 614,417 | 16.74 | 3.33 |
| Quilter plc | 0 | 559,701 | 22.09 | 4.59 | 559,701 | 22.70 | 4.52 |
| Reinet Investments SCA | 0 | 18,281 | 10.11 | 2.10 | 18,281 | 10.60 | 2.11 |
| Zeder Investments Ltd. | 4,847,897 | 4,847,897 | 6.11 | 1.27 | 0 | 0.00 | 0.00 |
| Investment Banking and Brokerage Services Total | 3,455,771 | 15,251,484 | 73.28 | 15.24 | 11,795,713 | 81.99 | 16.32 |
| Resources positions individually less than 1% of fund | 0 | 0 | 3.00 | 0.62 | 0 | 0.00 | 0.00 |
| Mining Total | 0 | 0 | 3.00 | 0.62 | 0 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | 0 | 151,002 | 10.51 | 2.19 | 151,002 | 10.82 | 2.15 |
| Santam Ltd. | 0 | 24,293 | 9.57 | 1.99 | 24,293 | 10.38 | 2.07 |
| Non-life Insurance Total | 0 | 175,295 | 20.08 | 4.17 | 175,295 | 21.20 | 4.22 |
| Bid Corporation Ltd. | 6,258 | 65,055 | 26.52 | 5.51 | 58,797 | 24.80 | 4.94 |
| Dis-Chem Pharmacies Ltd. | 0 | 604,437 | 22.42 | 4.66 | 604,437 | 21.16 | 4.21 |
| Shoprite Holdings Ltd. | 9,405 | 50,633 | 13.96 | 2.90 | 41,228 | 11.14 | 2.22 |
| Personal Care, Drug and Grocery Stores Total | 15,663 | 720,125 | 62.90 | 13.08 | 704,462 | 57.10 | 11.37 |
| Aspen Pharmacare Holdings Ltd. | 13,834 | 165,918 | 21.80 | 4.53 | 152,084 | 17.76 | 3.54 |
| Pharmaceuticals and Biotechnology Total | 13,834 | 165,918 | 21.80 | 4.53 | 152,084 | 17.76 | 3.54 |
| Northam Platinum Holdings Ltd. | -16,857 | 53,223 | 18.10 | 3.76 | 70,080 | 23.62 | 4.70 |
| Precious Metals and Mining Total | -16,857 | 53,223 | 18.10 | 3.76 | 70,080 | 23.62 | 4.70 |
| CA Sales Holdings Ltd. | 0 | 561,339 | 7.70 | 1.60 | 561,339 | 8.33 | 1.66 |
| KAL Group Ltd. | 0 | 226,623 | 10.20 | 2.12 | 226,623 | 11.33 | 2.26 |
| Pepkor Holdings Ltd. | 0 | 393,955 | 8.90 | 1.85 | 393,955 | 10.42 | 2.07 |
| We Buy Cars Holdings Ltd. | 0 | 181,255 | 7.18 | 1.49 | 181,255 | 8.67 | 1.73 |
| Woolworths Holdings Ltd. | 0 | 130,885 | 6.64 | 1.38 | 130,885 | 7.33 | 1.46 |
| Retailers Total | 0 | 1,494,057 | 40.61 | 8.45 | 1,494,057 | 46.08 | 9.17 |
| Altron Ltd. | 0 | 457,894 | 9.16 | 1.90 | 457,894 | 9.11 | 1.81 |
| Bytes Technology Group plc | 0 | 139,917 | 8.74 | 1.82 | 139,917 | 11.40 | 2.27 |
| Naspers Ltd. | 11,185 | 11,185 | 9.64 | 2.00 | 0 | 0.00 | 0.00 |
| Prosus NV | 0 | 20,554 | 15.80 | 3.29 | 20,554 | 21.04 | 4.19 |
| Software and Computer Services Total | 11,185 | 629,550 | 43.34 | 9.01 | 618,365 | 41.54 | 8.27 |
| Portfolio Total | 2,421,918 | 29,977,154 | 480.90 | 100.00 | 27,555,236 | 502.26 | 100.00 |